IT and Business Insights for SMB Solution Providers

Best Time to Buy: ASAP

As with everything in business, pricing strategies evolve over time. Early on in my "content" business, I used to have big sales. Over time, I partnered with a few organizations to give standardized discounts.

But one philosophy has remained throughout: I give the biggest discount when I launch a product or service. A great example of this was the crowd-source funding for the big 4-book set of Standard Operating Procedures. The bundle price for this set is $300 (perpetually on sale at $279.95).

During the crowd funding campaign, I let people have the set for only $99. That's 67% off!

Monica (my friend and sometime marketing manager) said that I didn't need to give such a deep discount. As she put it, "All those people would pay full price. People helping you crowd fund this project are your biggest supporters."

Exactly! And here's what I said, "I want my friends and supporters to have the best price! Let strangers pay full price."

Last year, when I launched two new books, I gave the new versions away to anyone who had bought the previous version in the months before. I didn't want anyone to say, "Oh crap. I wish I'd waited."

Lesson: Don't wait.

Lesson: Don't worry that I'll take advantage of you.

Lesson: When I announce something new, buy it immediately. The price will only go up.

Feedback welcome.

:-)

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About the Author

Karl W. Palachuk, is a technology consultant, author, speaker, trainer, and coach. He is the author of fifteen books. He has built several successful businesses, including two managed services companies. His books include Managed Services in a Month and The Network Documentation Workbook. Karl is a frequent trainer and speaker in the SMB Community. His popular blog can be found at SmallBizThoughts.com. He has more than twenty years experience as an I.T. professional and serves on advisory panels for several hardware and software companies.

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